I did to before I saw Randy’s reply. It keeps bouncing off the 200 SMA support. When it does SPY and QQQ also bounce. I suspect it will close below it. If it does then the rejection will be bearish and it will enter the gap. The vaccine news sparked a short covering rally across the board which could be short lived.

Got it. Thank you.

I took the short anyway, hoped for a rejection at that level. So far so good. Could turn, happened all the time in the last two months.

IWM has moved above the top of the recent trading range (145-146 resistance) as well as the 200-day SMA (also former resistance, now support). As such, I would not short IWM unless it falls solidly back below those levels as today’s breakout is bullish until & unless it fails.

I spent more time on the major stock indexes recently because there were the most technically significant developments (this week) that I’ve seen in weeks, if not months. As far as the metals, I’ve continued to post regular analysis, especially on gold with the last update on Monday: https://rightsideofthechart.com/tag/gld/ No changes in the technical posture or outlook for /GC at this time that I can see as it remains above the 1791ish support (top of recent trading range) & has traded mostly sideways over the past 7 trading session.

On my last update on /DX, I highlighted it in a trading range between 97.585ish & 96.411 with the next trend likely to be determined by which way it breaks from that range. /DX just recently took out the bottom of the range & I will include it on my next update on gold. Keep in mind that little to nothing has changed in the technical posture of gold since my last update on Monday & even the few updates before that. https://rightsideofthechart.com/tag/dx/

The frequency of the analysis that I post on any security (stock, sector, index, futures, etc..) is typically commensurate with the significance (or lack thereof) and rate of change in technical developments for that security. E.g.- If gold is in a sloppy, directionless trading range for weeks or months, I’m going to focus my efforts (and updates on the site) elsewhere. I follow & trade a nearly infinite amount of securities & can’t post frequent updates on everything, only the things that I think are either potentially setting up for a tradable move or are already actionable trade ideas.

Could & will unless XLK (tech) breaks down. It had a textbook stick save yesterday (intraday dip below the trendline to close back above), keeping the uptrend on the market-leading & largest sector solidly intact for now. XLK needs to close below that uptrend line & especially below yesterday’s low.

Agree. Quite possible, just rotate out of tech and in to small caps. Only problem is many of the small cps are poorly capitalised and will need bail outs to avoid going bust. But indexing doesn’t care about fundamentals. Just BUY everything.

For what I understand, the dotcom bubble was about companies being propped up just because they had an “online business”. When people realised the mistake it burst. This time it’s Fed induced. The Fed’s thumb is still on the scale and it looks like they don’t have any intention of backing down. So…”this time is different” imho.